
The GCC Projects Index saw a 1% increase from December 6 to January 10, marking its fifth consecutive month of positive growth. During this five-week period, the market gained $42.5 billion in value, driven by significant growth in Kuwait and broader gains across the GCC market.
Kuwait’s projects market grew by 9.1%, adding $17.8 billion in value, driven by the Public-Private Partnership Projects Authority revitalizing plans for the $18 billion Kuwait City Rapid Transit project, according to MEED.
The Kuwait City Rapid Transit master plan, initially canceled in November 2023 by the Higher Committee of the Authority for Partnership Projects due to concerns over the financial burden on public funds, has now been reinstated. The General Authority for Roads and Land Transport will conduct a renewed study on the project.
New Projects
In Oman, the projects market grew by 3.8%, or $9.1 billion in value, driven by Nama Water Services’ launch of major new projects. The company has initiated studies for two solar PV projects, worth $1.5 billion and $800 million, with capacities of 3GW and 1GW, respectively.
Meanwhile, the UAE’s projects market grew by $10.2 billion, or 1.2%, while Saudi Arabia’s market increased by $9.2 billion, or 0.5%.
Two Gulf countries experienced a contraction, with Qatar’s projects market declining by $0.6 billion, or 0.2%, and Bahrain losing $4.1 billion, or 6.1%, of its total project market value.
Outside the Gulf States, Iraq and Iran have experienced only minor changes in their project markets.
The Iraqi projects market increased by $2.2 billion, or 0.6%, while Iran’s market saw a decline of $1.4 billion, or 0.5%.
Source: Al Qabas